A new report from Global Industry Analysts (GIA) provided a review of
the global prosthetics industry, market trends, product innovations, industry
activity and profiles of market organizations. “Orthopedic
Prosthetics: A Global Strategic Business Report,” projected that
the global orthopedic prosthetics market will reach $19.4 billion by 2015. The
projections took into consideration an aging global population, rising
diagnoses of degenerative joint diseases and a patients’ willingness to
pursue a more active lifestyle.
The pace of growth slowed for the orthopedic prosthetics industry due to
the economic downturn in 2008 and 2009. The global knee and hip implants market
was greatly affected as more patients delayed their costly surgeries. According
to GIA’s report, the knee and hip implant market is ready for an uptick in
part to the recession ending. The combination of an ending recession and the
rising awareness of the procedure will likely create long-term growth.
Favorable reimbursement scenarios and the surgeon’s familiarity of the
surgical procedures are likely to improve growth as well, according to the
report. The report found that minimally invasive hip surgeries are gaining
popularity due to the patient’s desire to maintain an active lifestyle as
well as their desire to avoid major surgery.
Sales of knee prosthetics in the United States are driven by a shift
towards customized devices and the growing popularity of knee replacements in
younger patients, the report found. The development of advanced prosthetic
implants involving better design and wear-resistant materials will likely
enhance the growth impact of the industry, the report predicted.
“Our heritage is innovation and developing clinically sound
solutions for not only diseases of the joints but the spine, cranial facial,
dental, fractures, biologic and sports medicine,” Bill Kolter, senior vice
president of corporate communications, Biomet Inc. told O&P Business
News. “As long as bone and joint disorders continue to be the
number one source of disability in this country, we are going to continue to
find innovative ways to deliver solutions to patients.”
Globally, India, China and Latin America offer growth potential in the
prosthetics market due to their economic growth and elderly population. The
United States and Europe account for the majority of the global orthopedic
prosthetics market. European countries were also hit hard by the recession.
Like the United States, European patients were likely to wait for surgical
procedures. Patients’ unwillingness for surgery impacted revenue streams
in the prosthetic and orthopedic markets, the report found.
Russia and Eastern Europe were found to be underserved in prosthetic and
orthopedic devices. The report indicated these countries offer potential growth
opportunities for the marketplace. Along with Russia and Eastern Europe, the
report predicted that Latin America will enjoy the fastest growth rate in the
hip prosthesis market. The report projects an 8.5% growth over the analysis
period, which was 2007 to 2015.
The global orthopedic orthotics market consists of ancillary devices
used post-operatively or for non-surgical procedures. According to the report
titled “Orthopedic Orthotics: A Global Strategic Business
Report,” the orthotics market consists of a variety of products
ranging from those that meet specifically clinical needs to over-the-counter
devices and the market will reach $4.7 billion by 2015.
The report indicated that the United States, eEurope and Japan account
for the majority of the orthopedic orthotics market. The largest market for
orthopedic braces is the United Statese Repetitive stress injuries and the
increasing number of implant surgeries will boost sales for orthotic braces,
the report predicted. The active aging population and their growing incidence
of injuries is one of the major factors for this sales boost. Along with the
active aging population, the rise in vascular diseases and obesity, coupled
with rise in disposable income and the expansion of health insurance coverage
are signs of growth in the orthopedic orthotics market. — by Anthony
Calabro
For more information:
- www.strategyr.com www.strategyr.com
Market projections consistently point toward a bright future for the
orthopaedics industry as a growing patient base seeks treatment for
debilitating joint and back pain. Aging populations and increased sedentary
lifestyles in many developed markets are leading to higher rates of
osteoarthritis. In addition, a number of emerging markets, including China,
India and Russia, offer great potential for growth.
We are excited to be a global leader in this impactful business,
providing tools, training and technologies that help surgeons restore their
patients to active and productive lives.
— Garry Clark
Director of public
relations, Zimmer Holdings Inc.
